London’s Crossrail areas have long been excited about the new service’s potential to drive up house prices by providing enhance transport connections. Between Crossrail’s announcement and 2015, areas near Crossrail stations enjoyed a 31% uplift in house prices. Now, Woolwich has been identified as the area to come out on top as a result of Crossrail.
Nestled in the Royal Borough of Greenwich in south-east London, Woolwich has enjoyed significant investment in the form of urban renewal projects in recent years, having been identified in the London Plan as one of the capital’s opportunity areas. It is on track to progress from being one of Greater London’s ‘major centres’ to a ‘metropolitan centre’ over the coming decades, with Crossrail playing a significant role in that development.
According to JLL, Woolwich can look forward to house price growth of 39% between 2016 and 2020. That positions it at the very top of JLL’s list of House Price Growth Winners. In the year to August 2016 alone, average asking prices in Woolwich increased by 18%. With Woolwich Crossrail station due to open in December 2018 and urban regeneration continuing apace, prices are expected to continue rising steadily over the coming months and years.
Even aside from Crossrail, demand for homes is rising steeply across the UK and thus impacting on property prices. According to the latest Office for National Statistics (ONS) population data, the UK’s population is larger than it has ever been, at 65.6 million. The ONS projects that that figure will rise to more than 74 million by 2039, with an extra 8.4 million people creating unprecedented levels of demand for housing. And where demand goes up, prices follow!
With urban regeneration a key priority for the area and work underway to prepare Woolwich for Crossrail’s arrival late next year, the area is also attracting significant interest from property investors keen to take advantage of its potential for capital growth and solid rental yields. As Woolwich’s fortunes continue to rise, this trend is expected to continue.
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